@Alon @ryanlcooper no one favors “politicized lending” in the sense that the executive directs credit, likely to cronies. but all contemporary bank lending, with “normal rule of law” is political in the sense the state provides the ultimate capital + regulates its alloc8n. at issue is the architecture of accountability: do politicians get to wash their hands of outcomes, “it was mkt forces”, or do we hold them accountable for finance in aggregate.
i’m out and about, more, but not ‘til tonight.